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rootsmith
New Member

Real estate property taxes i own 2 homes, 1 has mortgage, 1 does not have a mortgage. can i claim real estate taxes for both homes as a deduction.

where do i enter deduction for home with no mortgage?

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DDollar
Expert Alumni

Real estate property taxes i own 2 homes, 1 has mortgage, 1 does not have a mortgage. can i claim real estate taxes for both homes as a deduction.

You can always claim an itemized deduction for real estate taxes on property that you own (subject to the $10,000 limit on the deduction for State and Local Tax (SALT)), unless it is rental property in which case you would deduct it as a rental expense.  And FYI, you can also claim a mortgage interest deduction on both your primary residence and a second home.

 

[Edited 03-26-2020]

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5 Replies
Carl
Level 15

Real estate property taxes i own 2 homes, 1 has mortgage, 1 does not have a mortgage. can i claim real estate taxes for both homes as a deduction.

Is either home a rental? Or it this a case of one home is your primary residence, and the other is your 2nd home?
rootsmith
New Member

Real estate property taxes i own 2 homes, 1 has mortgage, 1 does not have a mortgage. can i claim real estate taxes for both homes as a deduction.

1 home is primary, other is second home.  neither is a rental.
Carl
Level 15

Real estate property taxes i own 2 homes, 1 has mortgage, 1 does not have a mortgage. can i claim real estate taxes for both homes as a deduction.

Thanks for clarifying. Have to be certain on this, so you report it correctly on your tax return. As you are aware, you enter each 1098 one at a time for the property. Of course, you only have one 1098 since one home is paid off.
For the real estate taxes you just add them together. But BE CAREFUL. The program mistakenly may ask you for the property taxes TWICE. If you enter them twice, the program will double it. So do NOT enter them twice.
rootsmith
New Member

Real estate property taxes i own 2 homes, 1 has mortgage, 1 does not have a mortgage. can i claim real estate taxes for both homes as a deduction.

thanks, that is why turbotax came up with incorrect total property tax.
DDollar
Expert Alumni

Real estate property taxes i own 2 homes, 1 has mortgage, 1 does not have a mortgage. can i claim real estate taxes for both homes as a deduction.

You can always claim an itemized deduction for real estate taxes on property that you own (subject to the $10,000 limit on the deduction for State and Local Tax (SALT)), unless it is rental property in which case you would deduct it as a rental expense.  And FYI, you can also claim a mortgage interest deduction on both your primary residence and a second home.

 

[Edited 03-26-2020]

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